Retire at 60 with $800K

Shawn Plummer

CEO, The Annuity Expert

Can You Retire at 60 with $800,000?

Yes. An annuity will provide an annual income of roughly $57,600 for the rest of the 60-year-old’s lifetime. Any remaining balance will be passed down to beneficiaries. Additionally, you can collect Social Security Benefits, starting at age 62 or later.

Make informed financial decisions using our reliable annuity payout calculator.

Understanding Retirement Options with $800,000

1. Annuity Benefits:

  • An annuity can provide approximately $57,600 annually for life.
  • The balance, if any, can be passed to beneficiaries.

2. Social Security Benefits:

  • Available from age 62.
  • The amount varies based on your earnings history.

3. Medicare Benefits:

  • Starts at age 65.
  • Covers various health expenses.

4. Required Minimum Distributions (RMDs):

  • Must be collected from qualified retirement accounts starting at age 73.

Additional Considerations

1. Long-Term Care Insurance:

  • Advisable to purchase now for lower premiums.
  • Covers expenses not covered by Medicare.

2. Supplemental Life Insurance:

  • Recommended if married to protect your spouse’s financial stability.

Conclusion

Retiring at 60 with $800,000 is feasible with careful planning. An annuity can provide a stable income, complemented by Social Security and Medicare. Consider long-term care insurance and supplemental life insurance for additional security. Understanding and managing these elements can ensure a comfortable retirement.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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